§651.407. Protection of Program Funds Received Under Operating and Capital Assistance Grants

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a) Each participant shall establish separate accounts for both operating and capital assistance funds received under Section 18 grants, either to be maintained within its existing accounting system or to be established independently. The accounts shall be in conformity with the uniform accounting requirements established by the State and the FHWA.

b) All Section 18 operating and capital assistance funds must be deposited in a bank or trust company which is a member of the Federal Deposit Insurance Corporation.

                    
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